FX.co ★ Changpeng Zhao and Larry Fink express support for Bitcoin

Bitcoin has tested the $31,000 level four times but has yet to be able to break through it confidently. On the 4-hour TF, it is clear that the cryptocurrency covered most of the distance from the $25,211 level in just a few days. For the past two weeks, it's been slowly climbing and attempting to capture the $31,000 level. Will it be successful? Breaking this barrier presents opportunities for the first-ever cryptocurrency to reach as high as $34,264. Bitcoin has not been at such a peak since May 9, 2022. Meanwhile, a rebound from the $31,000 level indicates a new phase of correction, which still needs to be deemed complete, as the recent local high has yet to be surpassed.

In the meantime, Changpeng Zhao, the CEO of Binance, has shown his support for Bitcoin. Per his statement, he champions Bitcoin and blockchain, and his exchange actively promotes and supports numerous crypto assets. Zhao highlighted that cryptocurrencies serve as a means of raising funds and a mechanism for "money preservation." He estimated that the number of people using Bitcoin as a "safe haven" could be hundreds of millions. While Zhao did not specify what investors seek refuge from, it's likely inflation and central banks' excessive printing of fiat money. He also pointed out that regulators can't wipe out cryptocurrencies and recommended they formulate sensible regulatory guidelines to benefit all market players and shield them from scams.

Simultaneously, Larry Fink, the CEO of BlackRock, reported that many investors are purchasing Bitcoin as a safeguard against inflation instead of gold. Fink's firm applied with the SEC three weeks ago to establish a Bitcoin spot ETF. "We are confident that we can secure approval from the Securities and Exchange Commission as we have considered all potential issues," Fink stated. Other financial powerhouses, including Valkyrie, Fidelity Investments, and Invesco, have also submitted applications for Bitcoin ETFs. Experts predict that such a tool will enhance the confidence in Bitcoin among institutional investors, triggering even greater growth.

In the 4-hour timeframe, the growth of the cryptocurrency continues. We propose that around the $31,000 level, it could be viable to consider selling with a target of $25,211 and a Stop-Loss positioned above the $31,000 level. At the same time, securing a position above $31,000 could enable the opening of new long positions with a target of $34,267. Since the onset of the recent growth phase, there hasn't been any meaningful correction. We cannot even establish a trend line due to the absence of a second minimum. We advocate for a correction from the $31,000 level, yet it's crucial to remember that Bitcoin has the potential to show explosive growth at any point.